LME front-end backwardation widens, downstream purchase willingness remains low [SMM Yangshan spot copper]

Published: Aug 11, 2026 13:58

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On August 11, the average warrant price fell $2/mt from the previous trading day to $99/mt (price range: $93-105/mt); the average B/L price fell $2/mt to $95/mt (price range: $90-100/mt); the average EQ copper (CIF B/L) price fell $2/mt to $63/mt (price range: $58-68/mt), with quotations referring to cargoes arriving from August to early September.

Today, the LME nearby contract backwardation structure continued to widen, and the SHFE/LME price ratio weakened. Downstream purchase willingness was low, while upstream offers did not drop significantly, leaving actual market transactions sluggish. It was heard that in the market today, mainstream quotations for registered B/L arriving in August were $95-100/mt, mainstream quotations for registered warrants in August were $105/mt, mainstream quotations for EQ copper arriving in August were $65/mt, and mainstream quotations for EQ copper arriving in September were $70-80/mt.

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